It's very tough for US Citizens to setup accounts in Panama these days, but a few banks should still work.

1. You can use a US debit card to make free ATM withdrawals in Panama. Just make sure your bank in the US doesn't charge you for this. Panama loves tourism and I guess for that reason no banks charge a tack-on.

2. You cannot deposit Panama checks to a US account - you can however go to the bank and cash it - bring your passport. Or you have them write "AL PORTADOR" on the check and anyone can deposit it.

3. As long as you have less than 10k in the account you don't need to report it to the IRS.

4. I would recommend having 2 account with 2 different banks while you are here and maintain less than 10k with each.

There is no deposit insurance in Panama, but people with 10k or less get paid first (then employees and water bills and such....)